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Abstract:
As OPEC has loosened its grip over the past ten years, the oil market has been rocked by wild price swings, the likes of which haven't been seen for eight decades. Crafting an engrossing journey from the gushing Pennsylvania oil fields of the 1860s to today's fraught and fractious Middle East, Crude Volatility explains how past periods of stability and volatility in oil prices help us understand the new boom-bust era. Oil's notorious volatility has always been considered a scourge afflicting not only the oil industry but also the broader economy and geopolitical landscape; Robert McNally makes sense of how oil became so central to our world and why it is subject to such extreme price fluctuations.
Tracing a history marked by conflict, intrigue, and extreme uncertainty, McNally shows how—even from the oil industry's first years—wild and harmful price volatility prompted industry leaders and officials to undertake extraordinary efforts to stabilize oil prices by controlling production. Herculean market interventions—first, by Rockefeller's Standard Oil, then, by U.S. state regulators in partnership with major international oil companies, and, finally, by OPEC—succeeded to varying degrees in taming the beast. McNally, a veteran oil market and policy expert, explains the consequences of the ebbing of OPEC's power, debunking myths and offering recommendations—including mistakes to avoid—as we confront the unwelcome return of boom and bust oil prices.

Abstract:
The Kim Jong Un (KJU) regime, since its inception, has ratcheted up tension on the Korean Peninsula. His decision to dishonor what he had agreed to—a moratorium on nuclear tests and long-range missile launches as well as the return of IAEA (International Atomic Energy Agency) inspectors to Yongbyon—at several rounds of bilateral talks with the United States in February 2012 confirmed the belief that North Korea is a historically unpredictable and unreliable actor. Because the new North Korean leadership needed to fulfill its promise that North Korea would enter an “era of being a strong and prosperous nation ( gangseongdaeguk ),” pursuing economic recovery by easing tension through reconciliation with the international community, including the United States, was of significance. North Korea could have obtained nutritional assistance including corn, soy beans, vegetable oils, and ready-to-eat therapeutic food, but instead it initiated a string of provocations and hostile threats, which brought China's patience to the limits, strengthened UN sanctions, and consolidated the US position not to engage with North Korea before Pyongyang shows concrete steps for denuclearization. Hence, for the international observers, North Korea's gamble seemed to be a grave mistake.

Abstract:
The year 2014 marks the twenty-fifth anniversary of the first APEC Ministerial Meeting and the twentieth anniversary of APEC’s Bogor Goals. It’s time to shape the future by building on past achievements. If we look at the past 25 years of economic cooperation and integration in the Asia-Pacific region, I think it can be roughly divided into three stages.

Topic:
Economics, International Cooperation, International Trade and Finance, Treaties and Agreements

Abstract:
Danish Foreign Policy and the activities of the Ministry of Foreign Affairs in 2013 were marked by the continuing economic and political diffusion of power on the global stage – a development that generates dynamism and new opportunities in the globalised world, but also challenges the position of Europe. The Permanent Secretary of State for Foreign Affairs describes the political and economic developments in the world – which have led to a far-reaching reorganisation of Danish diplomatic representations abroad – and analyses the most important Danish foreign policy priorities of 2013. The article emphasizes trends in the EU, in international security, and regarding the Arctic and the transatlantic dimensions, as well as developments in the Middle East, Asia and Africa, and finally global development trends.

Abstract:
The Gulf Cooperation Council (GCC), which brings together the countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, took an unprecedented step during its 34th Summit (held in Kuwait City on December 10-11 2013) by setting up a unified military command structure for its member states. This move reflects the commitment of the GCC to establish a credible joint defense force able to advance the goal of collective security in the region. This military command will have a force of around 100,000, half of which would be contributed by Saudi Arabia, the main advocate of this initiative. GCC members will coordinate air, land, and marine forces under one common structure. In this regard, Bahrain’s Foreign Minister, Sheikh Khalid Bin Ahmed Al-Khalifa, has stated: “We want to create a central command that coordinates between all sub-commands and makes them work under one umbrella. But, the new structure [the Unified Military Command] won’t replace the Peninsula Shield forces.”[1] In terms of collective defense, the core purposes of this command structure are to provide strategic and operational command for all GCC missions and prepare members for operational employment as interoperable multinational forces. This command is expected to have a minimum number of operational commands (land, air and maritime command) as well as joint intelligence system and integrated missile defense in order to execute essential operational and peacetime missions. The challenge for this plan is to be able to undertake command and control of the full range of the military missions, including command and control multinational and multiservice forces, but more importantly to be able to support operations under the political and strategic direction of the GCC. This means that the main goal is not limited to improving coordination between different parts of existing national defense systems, but rather to establishing a real joint operational command structure. The progress towards a fully integrated defense system would allow the GCC to become a real military alliance along the lines of NATO.

Abstract:
This year's volume presents the official outline of Denmark's foreign policy in 2012 by Claus Grube, Permanent Secretary of State for Foreign Affairs. Besides that Ravinder Kaur contributes with the first academic inquiry into the causes of the Danish-Indian diplomatic deadlock in the extradition case concerning Niels Holck (the prime accused in the Purulia arms drop case). Mette Skak addresses the role of the emerging BRICS powers (Brazil, Russia, India, China, and South Africa) in Danish foreign policy and offers her policy recommendations. Hans Branner shifts to a diachronic perspective. In his article about Denmark 'between Venus and Mars' he stresses elements of continuity in Danish foreign policy history; activism is not solely a post-Cold War phenomenon. Derek Beach turns to the scene of the current European economic crisis, analysing and interpreting the Fiscal Compact agreed during the Danish EU Presidency.

Abstract:
Pushed to extremes, austerity is bad economics, bad arithmetic, and ignores the lessons of history. We, an international group of economists and social scientists, are outraged at the narrow range of austerity policies which are bringing so many people around the world to their knees, especially in Europe. Austerity and cutbacks are reducing growth and worsening poverty. In our professional opinions, there are alternatives – for Britain, Europe and all countries that currently imagine that government cutbacks are the only way out of debt. The low-growth, no-growth trap means that the share of debt in GNP falls ever more slowly, if at all. It may even rise – as it has in some countries.

Abstract:
Everyone knows that Africa, cradle of humanity, land of the Pharaohs and human civilization, and vast reservoir of human and natural resources, is not doing well. She crosses the deepest crisis that has shaken her since the end of colonial times. The specter of chaos lurks everywhere. She is now seen as the continent of “collapsing states” and “zombie nations”; the continent of extreme poverty, misery, and injustice; the continent of horrors, of the Rwandan genocide and of the worst atrocities committed in Liberia, Sierra Leone, Kenya, Darfur and elsewhere. This brutal reality has been, for quite some time now, analyzed by most observers and experts with certain fatalism, as testified by these book titles with pessimistic or even alarmist tones: “Black Africa Started on the Wrong Foot” (René Dumont), “Can Black Africa Take Off?” (Albert Meister); “And What If Africa Refused Development” (Axelle Kabou); “Africa Down” (Jacques Giri). By now, it is just a chorus of permanent lamentations about the “lost continent,” the “damned continent,” or the “cursed continent” whose past is not passing. And the rest of the world, which sees us as negligible, even contemptible (“all corrupt and all dictators,” they say), consider that henceforth, they no longer need us.

Institution:
Weatherhead Center for International Affairs, Harvard University

Abstract:
When praised at all, imperialism is most often commended for the peace it bestowed. By demobilizing armies, deposing marauding princes and subduing war-like states, European powers fashioned a half-century of political order. The question nonetheless arises: Should they be lauded for that? In this chapter, I view Africa's history through the lens of comparative history and argue that the imperial peace may have retarded Africa's development.

Abstract:
Despite the recession, the United States and Europe remain each other's most important foreign commercial markets. No other commercial artery in the world is as integrated and fused as the transatlantic economy. We estimate that the transatlantic economy continues to generate close to $4.28 trillion in total commercial sales a year and employs up to 14 million workers in mutually “onshored” jobs on both sides of the Atlantic.